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New York

BAM’s retail renaissance

The BAM cultural district sees a bevy of new residential construction

A rendering of the proposed project by Two Trees Management adjacent to BAM
A rendering of the proposed project by Two Trees Management adjacent to BAM

From the March issue:  The BAM area in Brooklyn is undergoing significant retail changes. “The demand for retail around the area has gone through the roof,” Chris Havens, director of commercial properties at Brooklyn-based real estate brokerage aptsandlofts.com, said. He noted that since a rezoning in 2004 allowing for taller buildings, retail rents in the cultural district have doubled or tripled. Retail space that was leasing for $30 per square foot 10 years ago could go for $100 today, he said. Drew Spitler, director of development for Dermot Company, said Dermot is close to signing a deal with a restaurant at 66 Rockwell, which will have 7,500 square feet of retail on Fulton and Flatbush. He declined to give further details. The Hub will also seek a restaurant tenant for its ground-floor retail space, said Douglas Steiner of developer Steiner Equities.

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This is an excerpt from “The next Lincoln Center?,” which originally appeared in The Real Deal‘s March issue. To read the complete article click here.

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Brooklyn Academy Of Music